The Hawks and the city of Atlanta issued a joint press release today announcing plans to renovate Philips Arena. The team and the city reached an agreement to put toward $192.5MM toward the project, with Mayor Kasim Reed committing $142.5MM from the city, while the Hawks will pay the remaining $50MM. Along with the renovations, the Hawks extended their lease extension by an additional 18 years, committing to remaining in downtown Atlanta through 2046.

“I want to thank Tony Ressler and the Atlanta Hawks’ ownership for committing to this deal that will keep the NBA in our City and help re-imagine downtown for the millions of residents, visitors and tourists who come to Atlanta each year,” Mayor Reed said in a statement.

Here’s more from around the Southeast division:

Dennis Schroder‘s new four-year deal with the Hawks has a base value of $62MM, but it can be worth up to $70MM if the point guard gets an All-Star nod or if Atlanta plays in the NBA Finals, says Bobby Marks of The Vertical.

While Schroder got a new deal with the Hawks, Tim Hardaway Jr. remains unsigned, despite having several conversations with the club leading up to Monday’s deadline. As Chris Vivlamore of The Atlanta Journal-Constitution writes, Hardaway says he’s still “excited” to be in Atlanta and both sides are optimistic about striking a deal next summer.

Two years ago, Rick Bonnell of The Charlotte Observer would have thought the Hornets‘ four-year, $56MM extension for Cody Zeller was nuts, but now he explains why he believes it’s prudent. As Bonnell tweets, Hornets GM Rich Cho felt that Zeller would have been a “priority target” for multiple teams if he reached restricted free agency in 2017.